Question 1

Do I need to be self-employed to get a bank statement loan in Manteca?

Accepted Answer

Yes. These loans are designed for self-employed borrowers only. W-2 employees have better options like conventional or FHA loans.

Question 2

Can I use business bank statements to qualify?

Accepted Answer

Yes, but lenders apply an expense factor — often 50% — to business deposits. Personal statements sometimes yield a higher qualifying income.

Question 3

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders want at least two years of self-employment history. Some will consider 12 months with strong financials.

Question 4

Are bank statement loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need for a bank statement loan?

Accepted Answer

Most lenders start at 620 to 660. Higher scores get better rates and lower down payment requirements.

Question 6

Can I buy a primary home or investment property with this loan?

Accepted Answer

Both are possible. Bank statement loans cover primary residences, second homes, and investment properties depending on the lender.

Bank Statement Loans in Manteca, CA